The first installment of funds for Ireland will be conditional on the successful passage of the 2011 budget, Reuters reports.

The EU has been warning Irish opposition parties not to mess with the budget or the terms of the bailout and this is one more stern warning.

A word the wise at the EU: If you want an Irishman to do what you want, tell him to do the opposite. Expect more street theater in Dublin as the Irish feel their sovereignty is being usurped by Brussels.

Here are full details of the terms of the bailout via the Irish Times.